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Understanding Credit Reports Analyzing John's Fina

This activity uses John Doe's financial story and a sample credit report to help students learn how to read and understand credit reports. Students analyze his credit use, debts, and recent financial inquiries to answer related questions.

Mason Bennett
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Examining Your Credit ReportCHAPTER 4,LESSON 3DIRECTIONSReadJohn'sstory and review the sample credit report. Then, read the article " How to Read YourCredit Report.'Use the information in your textbook (Chapter 4, Lesson 3)ron the sample credit report , and from the articleto answer the q uestions.John's StoryJohn Doe moved to Los Angeles, California, three years ago after graduating from college.He was offered an incredible job that he couldn't pass up. He loves his job and is currentlysaving as much money as he can to get enough for a down payment to buy a house.However, he thinks that's going to take at least another year. He does all of his banking atSkyline Financial in Los Angeles—checking, savings, and a money market account. He hasone credit card that he owes less than $900 on, and he just signed up for a new credit cardfrom Rillards because he needed a new suit for work.When he moved to Los Angeles, he bought a new car with a loan from M&X Finance. Hislargest debt is his student loan that eats up about $350 every month. He makes minimumpayments on his credit card and student loan debt. Recently, John was considering tryingto save gas by buying a motorcylce to get around the city, and the motorcycle shop ranhis credit through their finance company—WB&T Dealer Finance. He also recently checkedwith another insurance company—Allstop Insurance—to see if he could get a better deal onhis auto insurance.

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